Economy | Budget | Labour

https://staging1.creamermedia.com/

Advertise on this page? Click Here to Learn More

Economy News

Creecy sets year-end deadline for rail Network Statement amid ‘complicated tariff balancing act’

By: Terence Creamer 17th September 2024 Transport Minister Barbara Creecy says that, despite Transnet’s turnaround progress, the State-owned enterprise is not able to meet the target of increasing South Africa’s yearly rail volumes to 250-million tons alone. The Government of National Unity is, therefore, prioritising efforts to open... →

Schreiber envisions ‘Home Affairs from home’ as he pushes digitalisation

By: Thabi Shomolekae 17th September 2024 Home Affairs Minister Leon Schreiber said securing South Africa’s immigration and civics systems through automation and digital transformation will immediately boost confidence in South Africa’s ability to re-establish law and order, as he seeks to establish “Home Affairs from home”. Schreiber... →

Home Affairs Minister Leon Schreiber

S Africa consumer confidence recovers to pre-pandemic levels, survey shows

By: Reuters 17th September 2024 South Africa's consumer confidence recovered further in the third quarter to its best since 2019, helped by improved willingness to spend and hopes of an interest rate cut in September, survey data released on Tuesday showed. The consumer confidence index, sponsored by First National Bank and... →

Bill Gates turns to cows milk and gut bacteria in $3tr nutrition fight

By: Bloomberg 17th September 2024 Bill Gates says world leaders must step up the fight against a worsening child nutrition crisis that’s causing trillions of dollars in economic losses — and that gut bacteria investment and more productive cows can help. The billionaire philanthropist — who has said malnutrition tops his list of... →

Photo by Bloomberg
Bill Gates

Africa’s largest economies to change course on rates for first time in years

By: Bloomberg 17th September 2024 Central banks in two of Africa’s largest economies — South Africa and Nigeria — are set to change course on interest rates for the first time in years as inflation lets up. At least five others including Morocco’s and Ghana’s are poised to follow South Africa in adjusting their policy levers... →

ARC Investments increases INAV a share by 8.5% on new investments, fair value gains

By: Schalk Burger 16th September 2024 JSE-listed investment holding company African Rainbow Capital (ARC) Investments increased its intrinsic net asset value (INAV) per share by 8.5% to R12.38 a share during its financial year to the end of June 2024 owing to new investments and net fair value gains. The group's INAV increased by... →

Momentum Group Foundation calls for increased collaboration to bolster efforts to tackle youth unemployment

By: Tasneem Bulbulia 16th September 2024 With South Africa’s youth unemployment having reached unsustainably high levels, Momentum Group Foundation has called for increased collaboration to tackle this and to augment the strides it has made thus far in addressing this issue. Speaking during the group’s ‘Masibambisane for Impact on... →

An image of Employment and Labour Deputy Minister Ntuthuko Mbongiseni Sibiya

Department of Labour Deputy Minister Ntuthuko Mbongiseni Sibiya outlines issues impacting youth employment in the country, and measures seeking to address this.

SME confidence holds firm in the second quarter

By: Schalk Burger 16th September 2024 Small and medium-sized enterprises (SMEs) have maintained their confidence in the future, despite persistent challenges and uncertainty, the SME Confidence Index for the second quarter shows. SMEs are more hopeful about their growth prospects over the coming year than they were during the same... →

SAB reiterates calls for revised approach to excessive beer excise tax increases

By: Darren Parker 16th September 2024 Government is disproportionately reliant on the beer-making industry for excise duties, which accounted for 34.7% of total excise revenues in the 2023/24 financial year, JSE-listed beer maker South African Breweries (SAB) has said. Over the past few years, the company has made repeated appeals to... →

JSE continues driving growth for SMEs

By: Marleny Arnoldi 16th September 2024 Reflecting on the success of its Small and Medium Enterprise (SME) Rise initiatives, the JSE says the SME sector remains the backbone of South Africa’s economy. The stock exchange hosted an event to celebrate the evolution of these initiatives and some strategic collaborations it has entered into... →

Cape Town’s Metal Theft Unit recovers 1.8 t of metal, 54 km of cable

By: Irma Venter 16th September 2024 The City of Cape Town (CoCT) says its dedicated Metal Theft Unit (MTU) in the past year (ending June 30) recovered more than 1.8 t of metal and 54 km of stolen cable. “The scary thing is that for all the confiscated items, thousands of kilograms more have made it to bucket shops and unscrupulous... →

A trench dug next to the M5 by cable thieves

Transnet, SAPS sign MoU to combat logistics network theft and vandalism

By: Schalk Burger 16th September 2024 State-owned Transnet and the South African Police Service (SAPS) have signed a memorandum of understanding (MoU) to strengthen collaborative efforts between them in the fight against theft and vandalism of essential infrastructure across Transnet’s logistics network. Enhancing security at... →

South Africa’s work visa reform plans slowed by tax issues

By: Bloomberg 16th September 2024 South Africa’s plan to attract more professionals to its skills-starved economy through the introduction of a so-called nomad visa for remote workers has been slowed by the need to amend tax regulations. The impediment comes after an initial delay when changes to the visa regime had to be... →

Home Affairs Minister Leon Schreiber

Review of dtic entities can boost business environment, says BLSA

By: Schalk Burger 16th September 2024 Business Leadership South Africa (BLSA) is encouraged by the quick steps taken by new Trade, Industry and Competition Minister Parks Tau to engage with business to ensure open channels of communication, CEO Busi Mavuso says in her latest weekly newsletter. She notes that the Department of Trade,... →

BLSA CEO Busi Mavuso

Manufacturing confidence holds steady amid persisting headwinds – Absa

By: Schalk Burger 16th September 2024 Confidence levels among local manufacturers held steady at 28 points during the third quarter, driven mainly by their optimism regarding policy direction after a peaceful election and the formation of the Government of National Unity (GNU), the Absa Manufacturing Survey for the third quarter... →

Bezos-backed group to prepare South African grids for investment

By: Bloomberg 16th September 2024 A global organisation backed by Amazon Founder Jeff Bezos’ climate and biodiversity fund said it’s setting up a programme to attract investment into South African municipal power grids, which need R319-billion to prepare for the introduction of more renewable energy. The Global Energy Alliance... →

Sasol appoints Dube as new chair as sustainability pressures rise

By: Terence Creamer 16th September 2024 JSE-listed chemicals and energy group Sasol has appointed Muriel Dube, a former government climate negotiator, as its new chairperson following the resignation of Sipho Nkosi from the position in November last year. Dube, who was appointed as an independent nonexecutive director in 2018, holds an... →

New Sasol chairperson Muriel Dube

BRICS Business Council working groups offer updates on work in the year-to-date

By: Darren Parker 13th September 2024 The BRICS Business Council has provided an update on its work thus far this year, reflecting on progress made and the challenges posed by the inclusion of Egypt, Ethiopia, Iran and the United Arab Emirates into the BRICS Plus alliance in January. The council’s working groups have been... →

South Africa says reform agenda in progress after Fitch affirms ratings

By: Reuters 13th September 2024 South Africa's National Treasury said on Friday its plan to reduce expenditure and raise revenue, while implementing critical reforms, was in progress after credit rating agency Fitch affirmed its debt rating at "BB-" with a stable outlook. Fitch said that key drivers affecting its decision to... →

Cape Town proposes new CBD spatial plan; expects up to 50 000 new inner-city residents by 2040

By: Irma Venter 13th September 2024 The City of Cape Town (CoCT) has invited the public to comment on its 2040 local spatial development framework (LSDF) for the central business district (CBD). The LSDF will guide decisions about land use, development, density, transportation and urban design. →

Image of CoCT's study areas for its LSDF

The LSDF study area

Tributes pour in for Pravin Gordhan

By: Thabi Shomolekae 13th September 2024 Fellow politicians and others on Friday expressed their deepest condolences on the passing of former Minister of Public Enterprises and South African Revenue Service Commissioner Pravin Gordhan. Gordhan passed away at the age of 75 in the early hours of Friday morning, following a period of... →

Photo by Bloomberg
Pravin Gordhan

DA calls on Tau to investigate alleged corrupt activities at the SABS

By: Marleny Arnoldi 13th September 2024 Democratic Alliance (DA) trade, industry and competition spokesperson Toby Chance has called on the Department of Trade, Industry and Competition (dtic) to urgently investigate “serious transgressions” at the South African Bureau of Standards (SABS). In letters addressed to dtic acting... →

Democratic Alliance trade, industry and competition spokesperson Toby Chance

Pravin Gordhan dies at 75

By: Bloomberg 13th September 2024 Pravin Gordhan, who held three positions in South Africa’s cabinet and won plaudits for standing up to Jacob Zuma during his scandal-marred presidency, has died. He was 75. Gordhan died in hospital in the early hours of Friday morning after battling cancer, his family said in an emailed statement. →

Photo by Bloomberg
Pravin Gordhan

R217-billion investment set to transform eThekwini

13th September 2024 The eThekwini municipality aims to propel the city into a new era of prosperity through a R217-billion investment in development projects, which is expected to create 300 000 jobs. On August 14, eThekwini Mayor Councillor Cyril Xaba, along with the municipality’s executive committee, conducted an... →

Ramokgopa to seek advice from team of experts before taking next nuclear steps

By: Terence Creamer 12th September 2024 Electricity and Energy Minister Dr Kgosientsho Ramokgopa is assembling a committee of experts to advise him on the role that nuclear could play in South Africa’s future supply before issuing a new Ministerial determination for the possible procurement of 2 500 MW of new nuclear capacity. He has... →

Electricity and Energy Minister Dr Kgosientsho Ramokgopa speaking at the nuclear summit

Emfuleni municipality’s bank accounts attached for Eskom to recover R8bn debt

By: Tasneem Bulbulia 12th September 2024 Power utility Eskom says the Sheriff of the Court has successfully attached the Emfuleni municipality’s four bank accounts for Eskom to recover about R8-billion in arrear debt, ensuring that the money collected for electricity is paid directly to the utility. This follows the municipality’s... →

Eskom says that municipal debt remains one of its biggest challenges

Not enough chrome shipments to fill Maputo corridor capacity, TFR says

By: Darren Parker 12th September 2024 The Maputo Corridor is being underused by chrome exporters, Transnet Freight Rail (TFR) northeast corridor acting managing executive Mandisa Mondi has said. Speaking at the Critical Materials Conference: Ferroalloys 2024, in Johannesburg, on September 11, she challenged chrome producers to... →

South African inflation expectations fall again in Q3

By: Reuters 12th September 2024 South African analysts, business people and trade unions further lowered their inflation expectations in the third quarter of this year, bringing them closer to the level targeted by the central bank, a quarterly survey showed on Thursday. The results of the survey - a key data point for the... →

South Africans pull R4.1bn from pension funds in 10 days since reform took effect

By: Reuters 12th September 2024 South Africans asked to withdraw R4.1-billion from their pension funds in the first ten days after a reform took effect on September 1 allowing fund members to make partial withdrawals before retirement, the tax service said. The "two-pot" pension policy reform is expected to spur domestic demand... →

Struggling miners put the brakes on South Africa’s stock rally

By: Bloomberg 12th September 2024 South African stocks have their noses in front of emerging-market peers, but glum news from China threatens to weigh on the key mining sector and stymie that outperformance. Johannesburg’s main equity index has climbed about 7% in 2024 in dollar terms, outshining the 4.6% advance for MSCI ’s... →

EIB, DBSA increase funding for private renewables projects to R11.9bn

By: Terence Creamer 11th September 2024 The European Investment Bank (EIB) has approved another €100-million (R1.98-billion) loan in support of the Development Bank of Southern Africa’s (DBSA’s) Embedded Generation Investment Programme, which is supporting the development of private solar PV and wind projects in South Africa. The... →

Photo by EIB
European Investment Bank VP Ambroise Fayolle

Transnet breaches loan terms again as debt weighs on investment

By: Bloomberg 11th September 2024 Transnet breached loan covenants for a second year running as the South African port and rail operator staggers under a debt burden that’s constraining investments needed to resurrect its ailing equipment and infrastructure. The state-owned company’s loans increased to R138-billion in the year... →

Notable surge in trade expectations in August – Sacci

By: Schalk Burger 11th September 2024 The political broadening of governance has led to the encouragement of expectations in the trade environment, the South African Chamber of Commerce and Industry (Sacci) says. Although there remain notable economic challenges in providing certain logistical and other public sector services in... →

South Africa rejects civil-servant pay demand, offers 3% raise

By: Bloomberg 11th September 2024 The South African government rejected a demand by public-sector workers for a 12% pay increase, saying it’s unaffordable. Instead, the state offered a 3% raise, Frikkie de Bruin, general secretary at the Public Service Co-ordinating Bargaining Council said by phone Wednesday. The proposal by... →

Major UIF service points to extend operating hours, open on Saturdays in Sept

By: Schalk Burger 11th September 2024 Some Unemployment Insurance Fund (UIF) service points will be open on Saturdays and from 07:30 to 16:00 on weekdays to render services to clients and employers during September to cater for an anticipated increase in demand for real-time services. In August, the High Court in Pretoria issued an... →

South Africa may exit dirty-money list by October 2025, Treasury official says

By: Bloomberg 11th September 2024 South Africa should address outstanding shortcomings in tackling illicit financial flows to exit a global dirty-money list by either June or October next year, provided there’s no surprises, National Treasury Official Ismail Momoniat said. The nation has until February to address 22 key items... →

National Treasury Official Ismail Momoniat

National roads need over R307-billion of repairs

By: Bloomberg 10th September 2024 South Africa, which already faces a heavy bill to upgrade its port, rail and electricity infrastructure, needs R307-billion to repair and improve its sprawling national road system. The South African National Roads Agency requires design and construction work on 1 437 projects, Transport Minister... →

Transport Minister Barbara Creecy

About

Engineering News is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Mining Weekly
Research Channel Africa
Polity

Newsletters

Sign up for our FREE daily email newsletter

Receive daily sector news alerts

More

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Engineering News is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options

Subscribe